The Rapaport Diamond Corporation, in partnership with the Dubai Multi Commodities Centre (DMCC), has announced an unprecedented polished diamond auction set to take place in Dubai. This landmark event will feature over 3,200 lots of polished diamonds, including 2,800 individual stones and 415 lots of melee, totaling more than 50,000 carats.
Martin Rapaport, Chairman of the Rapaport Group, emphasized the significance of Dubai as a burgeoning hub for diamond trading. “We are thrilled to expand our offerings in Dubai to include single stones, recognizing the market’s growing importance,” he stated. “Recycled diamonds from the United States provide excellent opportunities for international dealers and retailers looking for competitive pricing.”
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, reiterated the organization’s commitment to making Dubai the leading global diamond capital. “This auction is a vital step in our long-term strategy,” he noted, highlighting collaborations like the one with Rapaport and initiatives such as the Tender Best Practice Forum (TBPF), which aims to enhance industry standards.
The viewing period for the auction will occur from September 22 to September 25 at DMCC’s Dubai Diamond Exchange located in Almas Tower. The auction itself will utilize a tender format across 41 tables and will close on October 1. Bidding will be conducted online, allowing international buyers to participate by offering on diamonds that come with GIA grading reports, along with detailed images and video scans.
Additional single-stone auctions are scheduled for October 20-23, November 17-20, and December 15-18, reflecting the growing vibrancy of the diamond trade in Dubai. In 2023, the DMCC reported a remarkable USD 38.3 billion in combined rough and polished trade, including a 32% increase in polished diamonds.
This historic auction solidifies Dubai’s position as a premier destination for diamond traders, setting a new benchmark for services and opportunities in the industry.
